Palladium leaped to a three-month high on Friday, trading higher for the seventh consecutive session.
The metal used in automobile catalytic converters continues to perform well after having gained over 18% in value since the beginning of the year and is up nearly 10% for the last month.
Palladium jumped 1.31% to $1,467.24 per ounce at 09:44 am GMT, its highest level since March 27 of this year.
Crude prices traded slightly in the red on Friday as investors digested the latest International Energy Agency (IEA) monthly report that stated that the global oil supply will substantially surpass the global demand in 2020. Meanwhile, market watchers also processed the Organization of the Petroleum Exporting Countries (OPEC) monthly report that cut its global oil demand forecast for this year.
Yesterday’s attacks on two tankers in the Gulf of Oman remained in the spotlight, especially after the United States accused Iran of being behind the attacks. However, Tehran categorically rejected the accusation.
West Texas Intermediate for July delivery fell 0.36%, changing hands for $52.12 per barrel at 3:50 am GMT while the international benchmark Brent for settlements in August declined 0.16% to go for $61.18 per barrel at 3:53 am GMT.